Blencowe Resources (BRES) has completed an aggregate fundraise of £1.12 million, through a placing of £1.02 million worth of shares at 4.75p, and the exercise of board options to raise a further £100,000.
The board options were exercised at 6p, a premium to the placing price.
The money raised will be used for completion of the definitive feasibility study at the company’s Orom-Cross graphite project in Uganda in the fourth quarter of 2025, for project financing work stream, and for working capital.
Blencowe will also grant one warrant per placing share, exercisable at 6.5p for a period of two years from admission.
"This fundraise provides Blencowe with a clear runway not only to complete the DFS, which is expected in Q4 2025, but also to move directly into our project financing work streams,” said Cameron Pearce, Blencowe’s executive chairman.
“We are now entering a critical phase of value creation, with a JORC resource upgrade, DFS results, financing preparations, and subsequent development all aligned. The board and senior executives have underlined their confidence by exercising options at a premium to market, and we thank both existing and new shareholders for their continued support. We expect a strong period of newsflow ahead, including first drill results from our successful infill campaign, a material JORC resource upgrade, and the DFS itself. Together these milestones will reaffirm Orom-Cross as a world-class graphite project, well positioned to secure the project finance required to build a mine."
View from Vox
Good to see a firm date given for the completion of the definitive feasibility study, and for Blencowe categorically to state that it will now have enough funds to complete it and initiate project financing work. Orom-Cross is shaping up into a major project, as the interest it has received internationally testifies.